Austrian Economics vs. Keynesian Economics in an Infographic

Over at the Austrian Insider there is a great new Infographic showing the difference between Keynesian Economic and Austrian Economics. As someone studying Austrian Economics I find it helpful to have any means available to compare the two schools of economic theories. Keynesian economists are of course who Democrat and Republican politicians are talking about when they quote economists to get their way. It is hard to find politicians that support Austrian Economics, mostly because it doesn’t reinforce their wish to spend public money any way they wish.

At the end of this infographic there is a great quote from Lord Keynes that has always been my favorite economics quote:

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist

Below is the infographic. This infographic was created by someone who follows Austrian Economics, but I do think the author did a great job of representing both schools of thought properly.

Infographic Source: The Austrian InsiderClick twice to make larger.

Now I can’t really do a post on Keynesian vs Austrian Economics without also posting these two great rap videos from EconStories. Both videos do a fair job of showing differences between Lord Keynes and FA Hayek.